EUR/GBP Slides to Around 0.8300 Before UK Inflation Figures and European Leaders Gathering

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EUR/GBP experienced a sharp fall, following it’s falling below the 0.8350 price level, which has been acting as a major support level in recent times. Presently a new support level has now been found around 0.8300. Investors have abandoned the pair in anticipation of higher United Kingdom CPI (Consumer Price Index) numbers today.

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The market appraises a preparatory appraisal of 5.9 percent for the annual Consumer Price Index, which is much higher than the previous release of 5.5 percent. It shows that the Bank of England will beckon for an interest rate increase to achieve stability. Consequently, odds are calling for an interest rate increase for the fourth consecutive time. This will strengthen the Sterling against the Euro.

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Aside from that, the United Kingdom office for National Statistics will also release the retail price index today, which will probably be recorded at 8.2 percent on annual basis against the last release of 7.8 percent.

As concerning the part of the Euro, investors are focusing on the EU leaders gathering which will hold tomorrow (Thursday). The gathering will hold talks about the ban that was placed on Russian oil. Germany is all the same on banning Russian oil considering its dependence on oil and energy coming from Russia in addition to the high oil prices. Should ban on Russian oil hold, Europe will face serious crises moving forward.

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